6A.1 Results season in India: the information calendar

Motivation

Four times a year every listed company publishes the one number the market has been forecasting: earnings. The rules that fix when it must publish, when insiders may trade, and when management must talk determine the event day of every earnings study you will run, and the days on which a position carries jump risk.

6A.1.1Disclosure deadlines#

Setup: the rulesSEBI LODR, checked 6 Nov 2026; verify the current consolidated text on sebi.gov.in before relying on a deadline

Regulation 33 (financial results). Quarterly results within 45 days of the end of the quarter; for the fourth quarter, audited annual results within 60 days of the end of the financial year. Indian financial years end on 31 March, so results season runs roughly mid-July to mid-August (Q1), mid-October to mid-November (Q2), mid-January to mid-February (Q3) and April to the end of May (Q4 and full year).
Regulation 29 (prior intimation of the board meeting). The company must tell the exchanges in advance that the board will consider results. The LODR (Amendment) Regulations of 17 May 2024 set a uniform notice of two working days, excluding the date of intimation and of the meeting; before that, results meetings needed five days¹. The intimation must state the meeting date.
Regulation 30 (outcome of the meeting). The results and other decisions of a board meeting must be disclosed within 30 minutes of the meeting ending. This is why many results reach the exchange in the middle of the trading day.
Earnings calls. Schedules must be intimated in advance, audio or video recordings posted promptly and transcripts within five working days (the 2021 amendment; details in M06 · 6.1).
Trading window (SEBI PIT Regulations 2015, Schedule B). Designated persons may not trade from the end of each quarter until 48 hours after the results are made public. Company notices to the exchanges ("closure of trading window") follow this form².

6A.1.2Event day for results#

Choosing the event day An event study needs $\tau = 0$ , the first session in which the market could trade on the news (the primer in 6A.2 sets up the rest). For results:

Released during market hours (09:15–15:30 IST): $\tau = 0$ is that day, but the pre-release part of the day is contaminated. Intraday data around the exchange timestamp is better.
Released after 15:30, or on a non-trading day: $\tau = 0$ is the next session.
The earnings call often follows the release by hours or a day, and carries guidance. Treat it as part of the event window $[0, +1]$ , not as a separate event.

Practitioner notes

The exchange announcement page (NSE "corporate announcements", BSE "corporate filings") timestamps every filing to the second. That timestamp, not the press report, defines $\tau = 0$ .
Indian single-stock options expire monthly (weekly expiries survive only on one index per exchange; M09A). If results fall inside the current month, the front-month option carries the event; this matters in 6A.3.
Results-day moves are jump risk. A position sized on daily volatility (M03 · 3.9) is undersized for the risk on that one day.
See it live: during results season, a market news feed such as https://oicharts.com/news flags the day's results; the filing on the exchange page is still the source for $\tau = 0$ .